Eurozone PMI beats expectations across the board in May

May's Eurozone purchasing manager's index data from Markit has beaten expectations across the board. The composite index rose from 46.9 to 47.7, with manufacturing rising from 46.7 to 4.78 and services from 47 to 47.5.

Both German services and manufacturing sector have continued to contract in May. The manufacturing sector index saw a rise from 48.1 to 49 while services rose from 49.6 to 49.8 (any number below 50 implies contraction).

Services had been expected to rise to 50 this month, but the rosier picture saw the euro rise against the dollar nonetheless.